Feb 18, 2023
BoJ Announces Digital Yen Pilot in April 2023
The Bank of Japan (BoJ) has announced plans to launch a pilot program for the digital yen in April 2023. This follows the completion of the proof-of-concept testing which began in 2021. The pilot program will be used to test the technical feasibility of the digital yen and to model a CBDC ecosystem with the participation of private companies.
The opening speech of BoJ executive director Shinichi Uchida at a CBDC committee meeting on Feb. 17th revealed details of the pilot program. Uchida emphasized the need to consult with the private sector on alternative data models, architectures for offline payments and other vital elements of the system. To facilitate this, the BoJ will create a CBDC forum. No actual retail transactions will be made during the pilot, only simulated ones.
The news of the CBDC pilot was highly anticipated, as reports in November 2022 suggested that at least three Japanese megabanks and regional banks would collaborate with the BoJ.
The BoJ’s plans come at a time when the Financial Services Agency of Japan is considering lifting the ban on foreign stablecoins. The amendments should be passed by June 2023, and any foreign stablecoin that successfully passes individual checks will be allowed into the market.
This news has been welcomed by the web3 community, who are excited to explore the potential of NFTs and other digital assets. NFTs can be used to promote products and services, and many companies are turning to NFT marketing agencies to help them create and execute effective NFT campaigns. Twitter NFT marketing is also becoming increasingly popular, with companies leveraging the platform to promote their products and services.
For those looking to sell NFTs, there are web3 agencies that specialize in helping companies create and launch their own NFTs. These agencies offer a range of services, from market research and concept development to design and promotion.
The BoJ’s plans for a digital yen pilot program will open up a new world of possibilities for the web3 space. With foreign stablecoins and NFTs soon to be allowed into the market, the future of web3 looks brighter than ever.
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